As pressure grows on Macau to find new reasons for revenue, scion of casino dynasty imagines an alternative future for that other SAR
Sabrina Ho Chiu-yeng has been doing what she’ll to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be higher quality for gracing society and entertainment pages, but in January she organised the very first Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibition to market the project of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t desire to rely just on the gaming industry. We would like more families in the future for holidays, you want to boost our cultural and artistic industries.”
This can be a politically correct view for that daughter of the casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the town to relinquish its obsession with the gaming sector, the taxes from where purchase most public expenditures, back through the boom years, in the event the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have risen pressure to succeed to find new revenues.
Fundamental change has become slow in the future. Five casinos have opened since 2012 plus much more are on the way in which, including two from branches from the Ho empire – the Grand Lisboa Palace, led by Ho’s mother, Angela Leong On-kei (Stanley’s so-called “fourth wife”), and MGM Cotai, headed by Sabrina ho‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a little of soft pr for that clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections will help it plunge into a fresh and wealthy market where no international house has a presence. In return, Ho says, she would like the auctions to assist attract tourists and maybe let the city’s 600,000 residents to formulate much more of an interest in culture. The partnership, called Poly Auction Macau, is 51 per-cent properties of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth in the middle of art and other collectables properties of her parents but she’s fairly new to the auctions business. After graduating by having an arts degree in the University of Hong Kong, in 2013, she done the branding and marketing side from the family’s hotel and property businesses. “But I like art and I asked Poly easily could work part-time inside their Hong Kong office, to learn about the auction world,” she says.
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